As of 2013, there were almost 18 million cars on America’s roads, with the average car being over 11 years old. Unfortunately, many of these cars are abandoned and left to collect dust in parking lots and driveways all over the country. It doesn’t have to be that way though; you can donate your old car to charity and get a tax deduction while helping out those in need at the same time! Here are some reasons why donating your used car is so beneficial both to you and to charities like Goodwill, Habitat for Humanity, and many more charitable organisations.
It's a great way to get rid of an old car
It's always a good feeling when you are able to get rid of an item that has been taking up space. A lot of people have donated their old cars before, but if you're still not convinced, here are the reasons why donating your car is the best way to get rid of it:
1) It allows you to avoid a large monthly expense.
2) You can claim tax deductions for donations.
3) You'll save time by not having to go through all the paperwork and hassle that comes with selling a used car on your own.
4) It saves you from having to deal with potential buyers who may make unreasonable requests or try to scam you by paying with fake money orders and checks.
It's tax deductible
There are many benefits associated with donating a used vehicle. One of the most significant advantages is that it is tax deductible. When you donate a vehicle, you can deduct the fair market value from your taxes as an itemised deduction. That includes not only the price you paid for the vehicle but also anything you put into it, like gas or repairs. This might be helpful if, for example, you have a high income and want to reduce the amount of money taken out before taxes.
You can help a worthy cause
Do you have an old automobile that has been idling around for a while? If so, you are not by yourself.
Many folks are frequently stumped as to what to do
with their old cars. Given that the response will
require them to give up a car they've had for a
while, this is a challenging issue that many
individuals don't want
to answer. Instead of tossing away your old
automobile or truck, there are many of advantages
to doing so.
It's environmentally friendly
One advantage of donating a used car is that you're helping the environment by taking an old vehicle off the road. For every ten cars donated, one less pound of greenhouse gases are released into the atmosphere. Plus, your contribution will help a charitable organization continue its good work.
Donating also allows you to avoid expensive fees and taxes that come with trading in an old vehicle for a new one. Your tax deduction will depend on where you live and how much money you make, but it should be between $0 and $5,000, depending on your income level. You'll also avoid any penalties that may have been associated with selling or trading the car yourself.